June 22, 2024
Virtual Sports Betting Market

Virtual Sports Betting Market is Set to Trend through Realism by Immersive Technology

Major advantage is the ability to offer betting opportunities around the clock without having to rely on real-life match schedules. The virtual element provides an engaging alternative to traditional sports betting through realistic graphics and life-like player/horse animations powered by AI and immersive technologies.

Global Virtual Sports Betting Market is estimated to be valued at US$ 39.78 Bn in 2024 and is expected to exhibit a CAGR of 17% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Virtual Sports Betting are Betradar, BetConstruct, Inspired Entertainment, Inc., Kiron Interactive, Golden Race, NSoft Corporation, Betgenius, Vermantia, Global Bet Virtual, 1X2 Network, Playtech plc, BtoBet, Digitain, Sportradar AG, FSB Technology, Bragg Gaming Group, EveryMatrix Ltd., Metric Gaming LLC, Virtual Gaming Worlds, Microgame S.p.A., and Pari Match.

Growing demand – The realistic representation of sports along with 24/7 availability is driving popularity among recreational bettors. Additionally, the untapped potential of immersive technologies is expected to further fuel demand over the coming years.

Global expansion – Key players are expanding their Virtual Betting Market Size offerings across regulated international markets like Europe and Latin America to tap into the growth opportunities. Regulatory acceptance along with customization of offerings according to local preferences will determine future expansion success.

Market Key Trends

One of the major trends gaining traction is the integration of Virtual Reality and Augmented Reality. Virtual sportsbooks are investing heavily in immersive VR and AR technologies to make the virtual betting experience as realistic as possible. This allows consumers to feel like they are present inside the virtual stadium watching a real match unfold. Such advances in technology are expected to further popularize virtual betting and take the experience to the next level over the coming years.

Porter’s Analysis
Threat of new entrants: Potential new entrants face high startup costs for technology development and obtaining licenses. Bargaining power of buyers: Buyers can easily switch between betting operators due to similar product offerings. Bargaining power of suppliers: Suppliers of technologies and platforms have moderate bargaining power due to availability of alternatives. Threat of new substitutes: There is potential threat from new betting products like esports and casino games penetrating the market. Competitive rivalry: Operators differentiate through sponsorships, branding, customer experience and geotargeting.

Virtual sports betting market value is strongly concentrated in Europe. Countries like the UK, Italy and Germany account for over 50% share collectively due to high growth in digital payments and preference for virtual sports amongst millennials.

The Asia Pacific region excluding Japan offers the fastest growth opportunities for virtual sports betting market. Countries like China, India and South Korea are emerging as high potential markets attributed to increasing interest of young population in virtual gaming and relaxation of online betting regulations. Regulatory approvals and partnerships with local operators will enable global providers to tap into these high growth geographical markets.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it